KARACHI:United States Ambassador Donald Blome on his first visit to Karachi, while highlighting 75 years of Pak-US friendly relations and partnership on Tuesday desired that bilateral relations should be centered on robust economic cooperation aimed at sustainable and equitable economic growth of both the nations.
Agriculture, sustainable energy production, telecommunication equipment and services, waste-management and healthcare sectors were the major sectors where the economic cooperation could be expanded, he said this while speaking at a gong striking ceremony at Pakistan Stock Exchange (PSX) here.
He said Pak-US trade figured nearly nine billion dollars in 2021, up by more than 60 percent from that of 2016, and was increasing year-on-year. US was Pakistan’s largest export market, and there was great potential to expand this commercial relationship.
US was also one of the largest sources of foreign investment in Pakistan. United States affiliated businesses were among Pakistan’s largest employers and paid a large chunk of its taxes, he said.
He expressed pleasure that many of those firms were listed here on Pakistan Stock Exchange and hoped that the number would continue to grow as more US firms were willing to launch operations here.
US companies already operating in Pakistan recognized the potential to increase their sales in a market of over 200 million people. The companies could also play a key role in encouraging wider adoption of global standards on corporate governance, environment, and social issues – – which, in the long run, would help pave the way for more US and other international companies to succeed in the market attracting even more investment. Pakistan was a attractive and potential venue for trade and investment.
He mentioned some of the sectors having great possibility for expanding economic partnership between the two countries included agriculture, sustainable energy production, telecommunication equipment and services, waste-management, and healthcare. In these areas, US companies provided world-class products and unparalleled service.
The possibilities were are endless, he continued, that is why he was looking forward to learning more during his visit to Karachi, which he recognized as full of energy and dynamic city where much of the action was in Pakistan’s economy.
US Ambassador underlined the need for focusing the diplomatic efforts on ensuring that the strong economic partnership continued to flourish and “where we can work together to facilitate broad-based, equitable, and sustainable economic growth for both of our nations.”
Donald Blome was accompanied by US Consul General in Karachi Mark Stroh and his team. The guests were welcomed by PSX Chairperson, Dr. Shamshad Akhtar and Managing Director/CEO, Farrukh H. Khan. PSX Board Members, senior management of the exchange and senior business community members were also present.
On this occasion, Gong (big bell) was stroke by the Ambassador along with his team to mark start of the daily trading at the exchange.
PSX’s MD and CEO, Farrukh H. Khan, in his welcome address, described the US team’s visit as a big opportunity for fruitful dialogue with them to find ways for generating greater interest of US investors in Pakistan’s capital market.
Since the market was opened to international investors in 1991, US institutional investors had been regular and important participants in the market. PSX was continuing on the path of progress, introducing innovative products and offerings for investors. Our regulatory, operational and accounting disclosure standards met global standards and, in many cases, were better than other Asian markets, he said.
He said despite the current economic challenges impacting the global economy in general and Pakistan’s economy in particular, there were attractive valuations and potential for high returns for long term investors.
“PSX will continue to work to attract more investors and portfolio managers from US and we look forward to the Ambassador’s support in this regard,” he remarked.
The US delegation expressed the commitment to further strengthen Pak-US economic partnership.
They commended the role of PSX in development of Pakistan’s capital market and expressed confidence that it would aid to greater cooperation between US and Pakistan in trade, industry and investment.
PSX Chairperson, Dr. Shamshad Akhtar, thanked the US team for their visit and expressed confidence in greater cooperation between Pakistan and US in investment, financial and economic spheres in the future.
She shared her experience and contribution for strengthening Pak-US relations while working with United Nations mission.